Amusement parks,resorts and theme parks may be brought under entertainment tax net
According to officials, the government is contemplating imposition of fresh taxes on entertainment, especially on theme parks, amusement parks and resorts, which have mushroomed in the state in the last few years. At present cinema hall-owners and cable operators are in the entertainment tax net. But now entertainment super houses, like the Ramoji Film City, the biggest studio in Asia, also known as Universal Studios of India (associate of Eenadu, the Telugu daily and Eenadu Television) may also have to cough up entertainment taxes.Similarly, the government is proposing to make registering all documents of agreement for providing loan to buy movable or immovable property mandatory. Though there is a procedure for registering these documents - at the moment it is voluntary - even commercial banks are entering into agreements without registering the documents.
The registration fee on documents will be 0.5% on the loan value with an upper limit of Rs 50,000 on movable property and Rs 2,00,000 on immovable property.
As per the proposal, the registration fee on documents will be 0.5% on the loan value with an upper limit of Rs 50,000 on movable property and Rs 2,00,000 on immovable property. A government order to this effect is expected to be issued shortly. The officials said this measure would increase revenue from stamp duty and registrations as real estate activity has increased across the state.Further, the government is also looking for more revenue from regularisation of land under the Urban Land Ceiling Act. The government has, so far, collected about Rs 200 crore on regularisation, sources said. Also, there is a proposal to increase the municipal value of landed property to increase revenue from land registration charges.
